Rolling Stone Puts Itself Up for Sale
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Rolling Stone co-founder Jann Wenner is putting his majority stake up for sale, ready to relinquish control of the magazine that has stood for the bible of pop culture since the late 1960s.
The magazine, known for cutting-edge music, political and cultural reporting, is the latest publication to give in after years of losing advertising and readership to nimbler online alternatives. Last month, the Village Voice, New York’s alternative weekly, closed down its print edition.
When Wenner Media LLC sold a 49 percent stake in Rolling Stone to Singapore-based BandLab Technologies in September 2016, it was the first time Wenner had admitted an outside investor. The deal was an opportunity to take the brand into new and different markets, Gus Wenner, the company’s digital chief, said at the time.
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